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CAPABILITY


Accenture life platform modernization

Accenture provides a customer-centric business model that lets insurers use IT platform innovation and flexibility to outpace competitors.

Overview

Life insurance customers are demanding more from their carriers than ever before, comparing them to other companies, such as Apple, Amazon or many banks, that offer rich and rewarding customer experiences. Life insurers understand these rising expectations, but are hobbled by aging technology platforms that limit their ability to deliver customer-centric products and services.

Accenture offers life insurers a clear road to customer-centricity, helping them modernize their technology platforms without the danger of escalating budgets and timelines, reductions in service levels and the very real possibility of failure that has prevented many insurers from moving to a new platform.

Our industry-leading Accenture Life Insurance Platform (ALIP), combines decades of Accenture life insurance experience in a feature-rich, flexible system that is easily customized to your business needs. The affordable platform includes illustrations, eApps, powerful underwriting and rating engines and a complete policy administration system. All products are housed on the single platform, providing a customer-centric view of your business.

When coupled with Accenture’s Distribution and Marketing Services, our clients are able to seize the opportunities that true multichannel customer interactions provide. ALIP can be easily configured to support advanced analytics that helps identify leads and directs them to the most appropriate channel—agent, call center, online or mobile—to improve sales outcomes.

Insurers can outsource some or all of the new platform development to Accenture, ensuring your service and new business goals remain untouched throughout the development process. When it's time to migrate to the fully configured and tested ALIP platform, the Accenture Insurance Data Migration Factory can populate the new system without undue burden on your workforce or any drop in service levels.

Why Accenture

Accenture has, for the past 30 years, worked closely with many of the world’s leading insurers. We serve 30 of the top 35 insurance companies ranked in the Fortune Global 500. We work with 8 of the top 10 and 24 of the top 30 life insurers.

Our experience, combined with a broad range of skills and tools and a deep knowledge base, equip us to help insurers optimize their life insurance platform.

Based on Accenture research and experience, life platform consolidation offers significant rewards for insurers, including 35 percent faster speed to market, 26 percent lower IT application and infrastructure costs, and 19 percent reduction in operational costs.

Specific Services

Accenture provides:

  • The Accenture Life Insurance Platform—our leading, field-tested life and annuity policy administration solution that has been successfully implemented in North America, Europe and Asia Pacific.

  • Proven and tested tools and frameworks.

  • Better use of IT resources.

  • Lower policy acquisition costs.

  • A complete service and delivery offering.

  • Decades of experience embedded in our delivery methodology, estimating models and program management practices.

  • Industrialization of core business processes.

  • A component-based approach that minimizes risk and smoothes the path to consolidation.

  • Application portfolio optimization.

Related

Industry & topics highlighted

Financial Services